FORM 10-Q

(Mark One)

[ X ] QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2002

OR

[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR
15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______________________ to __________________________

Commission File Number: 1-8422

COUNTRYWIDE CREDIT INDUSTRIES, INC.
(Exact name of registrant as specified in its charter)

DELAWARE
(State or other jurisdiction of
incorporation or organization)

4500 Park Granada, Calabasas, California
(Address of principal executive offices)

13-2641992
(IRS Employer
Identification No.)

91302
(Zip Code)

(818) 225-3000
(Registrant's telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes X

Indicate the number of shares outstanding of each of the registrant's classes of common stock, as of the latest practicable date.

Class
Common Stock $.05 par value

Outstanding at May 10, 2002
123,591,985

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

COUNTRYWIDE CREDIT INDUSTRIES, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(Dollar amounts in thousands, except per share data)

                                                                                             (Unaudited)
                                                                                              March 31,           December 31,
                                                                                                 2002                 2001
                                                                                      ---------------------  ------------------

                                    A S S E T S
Cash                                                                                      $  2,112,941           $    495,414
Mortgage loans and mortgage-backed securities held for sale                                  7,010,400             10,369,374
Trading securities, at market value ($3,730,811 and  $2,225,454 pledged as
    collateral at March 31, 2002 and December 31, 2001, respectively)                        5,826,796              5,941,992
Securities purchased under agreements to resell                                              4,291,750              4,319,120
Mortgage servicing rights, net                                                               6,666,206              6,116,082
Investments in other financial instruments                                                   9,088,958              3,438,865
Property, equipment and leasehold improvements, net                                            458,641                447,022
Other assets                                                                                 7,158,710              6,088,935
                                                                                      ---------------------  ------------------
    Total assets                                                                          $ 42,614,402            $37,216,804
                                                                                      =====================  ==================

Borrower and investor custodial accounts
    (segregated in special accounts - excluded from corporate assets)                     $  9,652,495           $ 10,955,289
                                                                                      =====================  ==================

                       LIABILITIES AND SHAREHOLDERS' EQUITY
Notes payable                                                                             $ 17,573,739           $ 16,549,999
Securities sold under agreements to repurchase                                              10,529,090              9,452,852
Bank deposit liabilities                                                                     2,231,749                675,480
Drafts payable issued in connection with mortgage loan closings                              1,037,352              1,283,947
Accounts payable and accrued liabilities                                                     4,916,858              2,851,630
Income taxes payable                                                                         1,623,777              1,815,254
                                                                                      ---------------------  ------------------
    Total liabilities                                                                       37,912,565             32,629,162

Commitments and contingencies                                                                     -                       -

Company-obligated mandatorily redeemable capital trust pass-through securities of
    subsidiary trusts holding solely Company guaranteed related subordinated debt
                                                                                               500,000                500,000

Shareholders' equity
Preferred stock - authorized, 1,500,000 shares of $0.05 par value; issued and
    outstanding, none                                                                             -                       -
Common stock - authorized, 240,000,000 shares of $0.05 par value; issued and
    outstanding, 123,074,777 shares and 122,705,532 shares at
    March 31, 2002 and December 31, 2001, respectively                                           6,154                  6,135
Additional paid-in capital                                                                   1,520,593              1,506,853
Accumulated other comprehensive income/(loss)                                                   (4,717)                49,467
Retained earnings                                                                            2,679,807              2,525,187
                                                                                      ---------------------  ------------------
    Total shareholders' equity                                                               4,201,837              4,087,642
                                                                                      ---------------------  ------------------
    Total liabilities and shareholders' equity                                            $ 42,614,402           $ 37,216,804
                                                                                      =====================  ==================

Borrower and investor custodial accounts                                                 $   9,652,495           $ 10,955,289
                                                                                      =====================  ==================